The Public Sector Insurers are gearing up for launch of their maiden IPO. All the companies have started the preparatory work and hopefully by the end of the year the IPO may be launched.
IRDAI has revised the premium for Motor Third Party Insurance w.e.f April 2017. There is huge hue and cry by the transport operators for the hike in the premium. In India there are still a large number of vehicles who are not taking the mandatory insurance. Since Insurance works on the law of average, if all vehicles are insured this may help to contain losses as well as contain the rise in premium.
Three Public Sector Insurance Companies United India, Oriental Insurance and Agriculture Insurance Company are not having fulltime chairman. Government must appoint a full time chairman as this affects long-term policy decisions.
Group health insurance premium may go up as the insurance regulator has cracked the whip on Insurance Companies to end subsidization by individual payers. Group businesses are often loss making and the Insurers subsidise the premium from Individuals and other classes to retain the portfolio of big Corporates.
State Bank of India (SBI) has decided to dilute 10% of its stake in the life insurance venture through a public offer.
Central Govt. is all set to make Aadhaar compulsory for all financial transactions. The Central Govt has proposed a blueprint for health policy for all by expanding health care expenses to 4.5-5% of GDP.
Third Party Administrators (TPA) like Medi Assist and Health Tech startups like Vistara Health are displaying the charges of hospitals for various procedures on their website, in a bid to ensure that patients and their families get to know in advance the bill amount and can prepare accordingly. This will help to remove the anomalies and confusion and assist in better servicing.
